I will investigate if I can find buyers and reach back out.

I am debating on taking a 2nd mortgage out or paying in cash to fix it.

Figure out how to inspect and document, what to do if there's damage or violations, etc.I could go on. 

Or it may turn out you just like to stick to the first strategy you choose. 

You could be missing out on a lot of value and paying more in tax than you need to without someone on your team with solid real estate tax knowledge.The other thing is that real estate taxes are just getting more complex and looking at the world today, I expect more and faster changes to real estate tax law.

The other option is to form an LLC prior and both go on the loan in terms of dual borrowers so that the land is used from one owner and the assets or cost to build is coming out of the other partners funds.If you do not own a primary home you can build a home with as little as 3.5% down but cannot use an investor for that option. 

What if one of the leases says you’re holding a $100k security deposit they get back when they move out?

The financing contingency period is up tomorrow and it looks like they are going to back out, so I guess we will put the property back on the market as a cash-only purchase and see what happens. 

We did the cost seg year one so all the tricky accounting is out of the way.

yeah. you can reach out if you're serious and before you do...